Monday, July 15, 2024

Innoviti Technologies Raises Funding for Series E Round

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Innoviti Technologies Pvt. Ltd., a homegrown retail SaaS platform specializing in payments, has secured additional funding for its ongoing Series E round. Alumni Ventures, USA, has joined the investment, marking the second close of the funding round.

What Does Innoviti Technologies Do?

Innoviti Technologies Pvt. Ltd. offers payments-centric retail SaaS tools to enterprise brands and their SME channel partners. Their platform enables businesses to grow faster and more efficiently by providing competitive advantages through innovative payment solutions. The company boasts processing over 50% of all purchases in enterprise retailers across various sectors such as food & grocery, lifestyle, and healthcare.

Business Growth and Profitability

Innoviti’s platform has been instrumental in enhancing sales, operational, and financial efficiencies for enterprise clients like Reliance, Tanishq, and Shoppers Stop. The company’s enterprise business has consistently generated operating profits for the past 10 quarters, maintaining an impressive 18% operating profit margin. Additionally, Innoviti’s midmarket business in Electronics Brand EMI is expanding at a rate of 8% month-on-month and has already captured 7% of the market within 12 months.

Series E Funding and Future Plans

Initiated in April 2024, Innoviti’s Series E round initially raised Rs 40 crore from Bessemer and Patni. The second close of Rs 75 crore, with Alumni Ventures’ investment, is now underway. Further investors are expected to join in the coming weeks, with the Series E round slated for closure by the end of June. This funding round is anticipated to be the final one before Innoviti achieves sufficient cash flow for future growth, paving the way for the company’s IPO within the next 12 months.

RBI Authorization and Strategic Initiatives

Earlier this year, Innoviti obtained final authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator. Yevgeny Gelfand of Alumni Ventures expressed confidence in Innoviti’s future, citing the company’s premium payments business and continuous technological advancements.

Overall, Innoviti Technologies’ successful funding round signifies a significant step towards its future growth and expansion in the retail SaaS and payments industry.

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